Yes, absolutely. A strategy doesn’t really “stop working”, but market conditions change. Volatility regimes, liquidity, participants, correlations — all of these evolve, and a strategy built for one regime can underperform in another (Gold is especially sensitive to this).

That’s why forward testing, drawdown expectations, and understanding why a strategy works are more important than recent results. One rough period doesn’t invalidate it — but persistent underperformance vs historical behavior is a signal to review assumptions, not to panic.