Futures Quotes Topic Exercise receive, profit, price, april

IAmNeil

Suppose you sell five april 2009 gold futures contracts on janauary 2009 at the last price of the day (856.5 usd). what will your profit or loss be if gold prices turn out to be 911.15 usd per ounce at expiration? what if gold prices are 819.05 usd per ounce at expiration?
answer: receive (911.15-856.5)X5, receive (911.15-809.5)X5
It would be great if you guys can check if i am correct.
heavenkid

tikfed

Q1: (856.5 - 911.15) * 5 — loss, since you are short gold futures but gold prices climbed
Q2: (856.5 - 809.5) * 5 — profit