Were Gandalf and the balrog equals?

[Galorme]

This is going to sound terribly corny, but Gandolf had good on his side. Gandolf was in the form of a man, with only small quantities of power, and his only asset was an Elven Ring that could preserve lost knowledge from ages lost. But i believe that this could quite well be what saved him. In the Red Ring was stored the past of the elves, and the ability to honour their memories from the Eldar Days. And in the Eldar days the weak and feeble could suceed because they were fighting for love, or justified vengeance, or for the victory of good over evil. And Gandolf was fighting for the Love the Maia have for all living things. I believe that this is how he could defeat the Balrog. Also I dont believe that Gandolf died to gain power, but he died because he haD just fought a 11 day battle with a big f*@k-Off fire demon.