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Also if you check the description of few items and other stuff they mention that armour only protects from physical damage. To get protection from specific elements you need to get resistance of that specific type. I.e, fire resistance, cold resistance.
In game for now I have seen the max you can have is 75% for each type of resistance but not sure it increase based on level or game progression or we can limit break by equipment. More of this info is visible in character panel.
Hope this helps.
Here is the post link: https://www.pathofexile.com/forum/view-thread/3591299
TL,DR;
Silver icon means: positive resistance
Gold icon means: high positive resistance(more than 40%)
Red Icon means: negative resistance (I.e.; monster weak to)
Armour only protects from physical dmg
Specific resistance provide protection from specific type of elemental dmg
A maximum resistance is capped at 75% by default and cannot be higher then 90%