The clenched fist is normally associated with - https://www.google.co.uk/search?q=military+insignia+uk+clenched+fist&biw=1152&bih=592&tbm=isch&tbo=u&source=univ&sa=X&ved=0ahUKEwinioipsJ7SAhUGfhoKHWFuAq4QsAQIGQ#tbm=isch&q=royal+armoured+corps TD Edited to add: It would seem that someone has perhaps made a piece of bijouterie in rememberance Had a look through here as well but nothing comes up that looks like your photo - https://www.google.co.uk/search?q=military+insignia+uk+clenched+fist&biw=1152&bih=592&tbm=isch&tbo=u&source=univ&sa=X&ved=0ahUKEwinioipsJ7SAhUGfhoKHWFuAq4QsAQIGQ#tbm=isch&q=royal+armoured+corps+jewellery
The Fist Symbol ist from the 17. SS-Panzergrenadier-Division „Götz von Berlichingen“ https://de.wikipedia.org/wiki/17._SS-Panzergrenadier-Division_%E2%80%9EG%C3%B6tz_von_Berlichingen%E2%80%9C But But I do not know how this pendant worn, the chain with the curved silver wire....
Yes SS , or British armor . but it's most likely a modern keychain that was trandformeed into a little souvenir , possibly to allow to fix a pennant and hang it on a wall.
Ah yes the symbol - 17th SS Panzergrenadier Division Götz von Berlichingen - fits 100% with that unit as to how its worn, perhaps ask in your local jewellers shop TD
As I said earlier , I don't think it's WW2 but a fantasy . Similar symbols are used on rings for example and this model is largerly used by fakers.
It appears as though the metal bar part is stamped on the reverse right side. Is it silver? EDIT: Read previous comment closer. How likely is a modern piece/fake to be made of silver?
Skipper hasn't posted here in a while but is very knowledgeable on such things. In another thread I think it was mentioned that he has a facebook page and is active there. Might be worth giving it a look.