Charts Say Gold Is Heading for $768

After failing to hold an important support level, gold is on its way to below $800, according to a technical analyst.

After failing to hold a support level of $816, "$768 is the next downside target," Sandy Jadeja, chief market strategist at ODL Securities told "Squawk Box Europe" Tuesday.

Gold struck a two-week low of $805.20 an ounce on Tuesday after oil fell to its lowest in nearly five months and the dollar rallied to two-year high against the British pound and a seven-month high versus the euro.

The precious metal has lost more than 20 percent in value since spiking to all-time high of $1,030.80 in March, mainly driven by profit taking, oil's falls from record highs and a rebounding dollar, Reuters reported.