2 Yet thought himself not safe enough thereby, 3 But feared each shadow moving to and fro; 4 And his own arms when glittering he did spy,
arms > {Arms and armour. This line becomes clearer if it is recast: "And when his own arms glittering he did spy …"}
5 Or clashing heard, he fast away did fly,
fly > flee
6 As ashes pale of hue, and wingy-heeled;
wingy > {Having wings; here in the manner of Mercury}
7 And evermore on Danger fixed his eye, 8 Gainst whom he always bent a brazen shield,
Gainst > Against bent > directed
9 Which his right hand, unarmed, fearfully did wield.
unarmed > (I.e. he does not carry a sword)