Bitcoin vs. Gold Price Forecast: Bitcoin and gold continue their gains despite escalating tensions in the Middle East:

Bitcoin (BTC) and gold (XAU/USD) are both seeing broad-based gains on Wednesday, with Bitcoin hovering near $65,000 and spot gold gaining momentum near the $4,500 mark.

This outlook, wavering between neutral and optimistic, comes ahead of the US Federal Reserve's release of the minutes of its July Federal Open Market Committee meeting later on Wednesday. The document will give investors a clearer indication of the central bank's hawkish stance, following an FOMC meeting that saw three votes opposing a rate hike.

The Federal Reserve kept interest rates unchanged at a range of 3.5% to 3.75% in July, in line with market expectations. However, Fed Chair Kevin Warsh insists that the central bank remains focused on its goal of achieving a 2% inflation rate. This, along with the dissenting votes, could keep the option of tighter monetary policy on the table during the September review.

UAE halts trade with Iran as Middle East tensions escalate
The United Arab Emirates reportedly halted all trade transactions with Iran "until further notice." According to a CNN report, an Emirati Foreign Ministry official confirmed the suspension of trade, noting that two ballistic missiles targeting "maritime navigation" fell into the sea.

Meanwhile, US President Donald Trump said on Tuesday that there are no ongoing or scheduled talks with Iran. The memorandum of understanding signed between the United States and Iran in June expired on Monday.

Global oil prices remain elevated, with West Texas Intermediate (WTI) trading above $84 amid the continued closure of the Strait of Hormuz.

WTI price chart
Technical analysis: Bitcoin momentum remains positive
Bitcoin's price is holding above the 50-day exponential moving average at $64,402 and above the rising trendline support near $63,002, but remains capped below the 100-day exponential moving average at $66,353 and the 200-day exponential moving average at $71,521, keeping the overall trend mildly neutral for now.

Momentum is positive, with the Relative Strength Index (RSI) at 57 remaining in positive territory, while the Moving Average Convergence Divergence (MACD) histogram is moving higher in positive territory, indicating that buyers remain in control while still needing to overcome the overlapping overhead moving averages to trigger a stronger bullish phase.

BTC/USDT daily chart
Initial resistance lies at the 100-day exponential moving average at $66,353, with a stronger barrier at the 200-day exponential moving average at $71,521, where a daily close above this level would ease the current pressure and open the way toward higher levels. On the downside, immediate support is at the 50-day exponential moving average at $64,402, followed by rising trendline support around $63,002. A decisive break below this level would neutralize the current positive momentum and expose deeper retracements.

Gold contributes to the continued recovery
Gold is showing a clear short-term uptrend, with its spot price holding above the 50-, 100-, and 200-day exponential moving averages, forming a strong demand zone. A breakout above the descending resistance line, which currently provides support around $4,255, reinforces this positive trend, while the positive MACD reading and RSI near 65 point to continued bullish momentum, although it is leaning toward overbought territory.

XAU/USDT daily chart
Initial support is located at the former trendline breakout zone near $4,255, supported by the 50-day exponential moving average at $4,248. Below this level, the 200-day exponential moving average at $4,288 and the 100-day exponential moving average at $4,326 form a broader support cluster poised to attract buyers during corrective dips. In the absence of significant technical resistance indicators on the daily chart, the trend remains bullish as long as the gold-to-US dollar price remains above the cumulative moving average level. However, strong momentum points to the possibility of further gains, with intermittent periods of consolidation.
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