BTC, XAU Extend Gains Despite Escalating Middle East Tensions

Bitcoin (BTC) and Gold (XAU/USD) have been rising on Wednesday, despite escalating Middle East tensions. The neutral-to-bullish outlook comes ahead of the US Federal Reserve's release of the Minutes of the July Federal Open Market Committee meeting later today.

The Fed left interest rates unchanged in the 3.5%-3.75% range in July, but with three dissenting votes for a rate hike, monetary policy tightening remains on the table at the September review. The UAE has halted all trade with Iran until further notice due to ongoing tensions.

Bitcoin holds above the 50-day Exponential Moving Average (EMA) at $64,402 and an upward-sloping trendline support near $63,002 but remains capped beneath the 100-day EMA at $66,353. Momentum is constructive, with the Relative Strength Index (RSI) at 57 in positive territory and the Moving Average Convergence Divergence (MACD) histogram moving higher.

Gold extends its recovery as it holds a clear bullish near-term bias, sitting well above the 50-day, 100-day, and 200-day EMAs. The break above the downward resistance trendline reinforces the constructive structure, while a positive MACD reading hints that bullish momentum remains strong.