Gold prices have reached the bottom of the range mentioned earlier this week at 4092, with today’s low at 4023. Initially, it was expected that gold would oscillate within the lower range of 4092-4390(2)… However, after yesterday’s US CPI release, gold did not rebound at all; instead, the decline appears to be accelerating. The strategy must shift from range trading to seeking a bottom downward bias. Short-term speculative buying is still possible, but it is not yet the time for medium-term buying positions. The short-term rebound target is at 4200(4), with a downside target at 3920(3).