Start with painting top, bottom and rail the same color. The top color seems yellow next to the bed, but could just be the pic. I would go with a soft color like SW Seasalt and use neutral bedding.

I would paint top and bottom same color too (including the chair rail trim). Personally, I would remove the trim, but, it sounds like you cant do that, so paint it all one color. Seasalt mentioned above, would be a good color.

Thanks guys. That’s the direction I was leaning towards too.

If the natural light is primarily western, sea salt may lean more towards blue but it’s still very lovely. SW Neutral Ground if you want to use your own accessories to add colors you want in the room.

I love the idea of either the Bone White or Neutral Ground. What other colors would you suggest with our gray bed? We are also planning on keeping the white comforter and love colors, so we would like to add color any way we can

If you want something that feels cozy, modern and welcoming, here's what I'd do.

Natural fibre shades, a rattan pendant (if you have a light, we can't see your ceiling), white wainscoting with dark grey above, all white bed linen with accent pillows to coordinate with your rust coloured throw, you need a nignt table and lamp (I show a sconce), a large framed print above the bed, and if you have room, a nice comfy chair and small table. Nothing to realize this look is expensive.

Here's the visual...

One of the most stunning bedrooms I ever saw in a real home taught me a valuable lesson. It had a chair rail like yours. The bottom was painted white, like the ceiling and window and door casing and baseboards, and the walls above the chair rail were painted orange, a bright orange with a little darkness to it, like a ripe persimmon or a dark marigold. Brass door and window hardware and chandelier. White bedspread and grey pillows and afghan. White full-length sheers at the windows. I HATE orange, but that room was gorgeous. I saw it once in morning and it was light and lovely. Then I saw it around sunset, and the room was glowing! I know I'm joining in late to this conversation, and you may already have your mind set on something else, but I have to disagree with chair rails being limited to dining rooms. They work anywhere when used well. One of the best ways to use them is to keep a room from looking too weird or dark when you want to use a strong actual color (not grey) on the walls to increase the feeling of spaciousness with the walls, or keep from having a blah boring dusty looking room. Color can make a silk purse from a sow's ear. A chair rail with white underneath can keep it a lady's purse.