How to test?
I set my Fluke Multi meter to diode/continuity setting and with the red tip on the side that has a red dot with the black on the other side I get nothing. flip the leads around and I get a short beep and a reading of 1.808 ,
1.808 what? i don't know what this value means.
Is it a diode?
Your Fluke may have a diode test range as you state. It will show the forward volt drop across a diode - which can be anything from 0.2V to 0.8V in the forward direction, zero in the reverse for 'standard' diodes..
If your meter is being used correctly it is showing a forward volt drop of 1.8V - pretty high for a 'normal' diode but possible with a high voltage device (which that might be). What is the voltage rating of the capacitor adjacent to it?
The casing and hand applied, off color dots, reminds me exactly of units that were made by Varo, for use in their Starlight Nitescopes at that manufacturing timeframe.
They used multiple series diode junctions internally and were very generous with underrating their breakdown specifications.