How do resistance icons work?

So, I would assume that red means weakness. Gold is probably high resist. And grey - medium resist.
Is that right? Do we have any information about how exactly resistance icons work?

Agreed. I've always found the resistance icons a little confusing.

I would suggest maybe moving weaknesses to one side and resists to the other.

Color coding would be better served showing the type of resistance, weather weakness or strength. The icons kinda blur together if you don't look at them closely so the fire one should be orange, cold blue, armor silver, etc.

Much easier to see colors at a glance than decipher the icons.