Some say yes, others say no. So it depends who you ask. Physicists say no, practitioners say yes. I say it's random enough to not make a killing off of for an extended period of time.
There are many threads from the past asking such questions. Perhaps you should use the search feature of this forum.
A few notes on your generator: 1) you use excel's RAND() function, which generates values of uniform distribution. 2) therefore you get daily ranges from 0 to 1 which are uniformly distributed, i.e. chance of any range is equal to any other range between 0 and 1. 3) in reality, distribution of market's daily ranges are similiar to normal distribution with fat-tails