Hi folk,
If the question is from a 320 "Busdriver", the answer is that you will follow the RA. The 320 alt limit is more a result of Engine thrust avail than the aerodynamics of the aircraft. The aircraft is able to momentarily climb above without a problem.
Follow the RA in all cases -
except one. That is if you get an additional GPWS warning of "Terrain Pull Up". Then the GPWS warning takes priority. You may miss the traffic but if you don't follow the GPWS you won't miss the ground.