This “Aegishjalmur” is an “Icelandic Stave” bringing Incredible Protection and Invincibility in Battle.
A "stave" is a rune that is repeated eightfold, radiating power in all directions. In this case it is Algiz rune from the Younger Futhark, symbolic of the Wild Elk's main weapon its' Deadly Horns.
On the top left, is the rune known as Wolfsangel. This mostly unknown rune derives from a medieval device used for trapping and killing wolves. This rune became symbolic of Order over Chaos or Freedom from Oppression.
Engraved in the outer rim are many bind runes (runes of two or more in combination). All designed with protection in mind. The first bind rune at the top right is that of THURISAZ and TEIWAZ, the runes sacred to the gods Thor and Tyr (Jupiter and Mars). Thurisaz' magical meaning is that of passive defense, symbolized by the thorn plant. Several of the bind runes are 'words of power,' such as RIK and FANG. Fang is a combination of the FEHU, ANSUZ, and ING runes, and the magicians of old called on this word of power to break bonds, physical or mental. Rik is a word of power made of RAIDO, ISA, and KEN runes. The scaled portions on the rim of the pendant are stylized reptilian armor.
(although they look gold in photos, they are silver colored)