If you price gold in non-USD currencies, it's doing well this year. There's an argument for buying it on expected turmoil in emerging markets as inflation remains high.

That said, the momentum is what it is. Gold has had a hard time defining itself recently and it failed at $2000 again. Aside from being a big, round number, $1800 isn't particularly relevant on the chart. $1780 should offer some support but it's concerning that gold can't find a bid lately on either the risk-on or risk-off days.

gold daily chart May 13