King's Guard
As King Gunther and his court enter we see at the forefront of the frame the King's guard. This is a symbol that these royals are set apart from us, the common people.
Narrow Path
Lang shows Siegfried on horseback in the center of a narrow path that lay in darkness ahead of him. The imagery creates a narrow path for Siegfried to travel which shows us that where he is heading is very dangerous and may have no way out.
Danger
We see Siegfried ride into a field of fog. The fog in the imagery is a symbol of looming danger as the King of the Dwarves is hiding in a tree waiting to kill Siegfried.
Shadow
We see King Gunther walk out to meet Brunhild in her challenges, but as he goes we see a second shadow. It is Siegfried using the invisibility mask. The imagery shows that he is with the King and that the King, though scared will win with his help.