The Glasgow 2014 silver medallist was devastated when teammate 20-year-old Ross Murdoch raced to the finishing line in the 200m breastroke final ahead of him during the Games.
But the 26-year-old from Glasgow says he will aim for medals at the World Championships next summer and at the Olympics in Rio.
He said: "I want to win titles. It was obviously a huge disappointment for me a few weeks ago.
"I'm looking to put that right again next year. These disappointments are part and parcel of sport but it doesn't change what I want to do."
Michael, who is an ambassador for Speedo, spoke out as he met scores of fans at John Lewis in Glasgow yesterday.
He admitted he was so desperate to win gold to "repay the faith that everybody has shown me".
He added: "I'm in such a privileged position. I want to win these events. I think it would be wrong of me if I wasn't disappointed. My goals don't change because other athletes swim really well."
He said Ross was the "man to beat now".
Michael will join his teammates for the athlete's parade next Friday.
The swimmer, who is enjoying some well-earned time off, has his eye on the Olympics in 2016.
He said: "You want to become an Olympic champion and that's still a goal for me. Fingers crossed once I get the ball rolling again it's a realistic target for me."