The Vancouver-based brokerage lowered its U.S. dollar 2026 gold price forecast to an average of $4,345 per oz. Top producersDespite trimming its commodity deck, the brokerage maintained its bullish stance on several miners and named Equinox Gold (TSX, NYSE-A: EQX) its top producer pick. Among developers, Haywood’s top picks are First Mining Gold (TSX: FF), Thesis Gold & Silver (TSXV: TAU) and Troilus Mining (TSX: TLG). Haywood’s revised gold price outlook prompted lower target prices for several producers, including Alamos Gold (TSX, NYSE: AGI), Equinox and Amex Gold Mining (TSXV: AMX; US-OTC: AMXEF). Earnings outlookLooking ahead to second-quarter earnings, Haywood expects strong results across much of its coverage despite lower realized gold prices than in the first quarter.