In verse 1 the psalmist prays for continued protection and expresses his trust in God to keep him safe.
Preserve: the Hebrew verb “to keep” means to keep safe, protect, take care of.
In thee I take refuge: “I go to you for safety,” “I trust you to protect me.” For further comments on the verb take refuge, see 2.11; see also 7.1; 11.1; 12.7. In thee I take refuge must often be recast in translation, because it is sometimes unnatural to take refuge in a person rather than a place. For this reason it may be best to follow Good News Translation here. “I trust in you for safety” must often be expressed as two coordinate concepts, “I trust you” and “you keep me safe.” Since “I trust you” expresses a psychological attitude, it is sometimes expressed idiomatically; for example, “I lay my heart on you” or “I put my heart where you are.” Verse 1 may then sometimes be rendered “I put my heart where you are, and you keep me safe” or “Protect me, God, because I lay my heart on you.”
The first line of verse 2 in the Hebrew text starts with the verb “to say” in the second person feminine singular form, “You say.” Most commentaries and translations follow many Hebrew manuscripts (and the Septuagint, Syriac, Jerome) which have the first person singular I say; this is also the preference of Hebrew Old Testament Text Project.
The real significance of say in this context is not merely to introduce the words that are spoken but to introduce a confession of faith; for example, “I declare” or “I confess,” or perhaps “I say truly.”
The double reference to the LORD and to my Lord may present some difficulty. LORD refers to the divine name, “Yahweh” (see discussion of LORD at 1.2), while my Lord translates the Hebrew title ʾadon (see comments on 8.1). In some languages Lord must be possessed, while in others it is expressed as “the one who rules me.” Therefore it will often be necessary to render this line as “I say truly (or, declare) to Yahweh (or, the LORD), ‘You are really the one who rules me.’ ”
The second line of verse 2 is difficult to understand. The Hebrew text seems to say “my good is not upon (or, above) you,” which does not make much sense in the context. Most translations give the sense “all my good comes only from you” or “I have no good (or, happiness) apart from you” (so Good News Translation, Revised Standard Version, Bible en français courant, Die Bibel im heutigen Deutsch, following in general the sense given by Jerome), or else “I have no greater good than you” (Traduction œcuménique de la Bible). There are other explanations (see the commentaries). Dahood proposes “you are my Lord, my Good, there is none above you,” and Biblia Dios Habla Hoy translates “You are my Lord, my good; nothing can be compared to you.”
It is recommended that the meaning of either Revised Standard Version or Good News Translation be followed, or else something like “all my happiness comes from you.”
Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .