E2 Y 1-. Praise. Z -1-3. Zion a joy. In her palaces, God known. A 4-8. The reason. "For". God's power shown in her establishment "for ever". Selah. Y 9,10. Praise. Z 11-13. Zion to rejoice. In her towers, strength surveyed. A 14. The reason. "For". God's favor shown in guidance "for evermore".
(The last of the 4 Psalms celebrating the deliverance of Zion and Hezekiah.)
1 Great is the LORD, and greatly to be praised
In the holy city of our God, in the mountain of His holiness (or of His Sanctuary).
2 Beautiful for elevation, the joy of the whole earth (or land),
Is mount Zion (immediately north of Moriah), on the sides of the north, (I.e. with Moriah and the Temple immediately on the north side)
The city of the great King. (= [is] Jerusalem as a whole. Note the 3 points of view:  the elevated mount;  the south side of Moriah;  Jerusalem proper. Cp. Matt. 5:35.)
3 God has made Himself known in her palaces for a refuge.
4 For, lo, the kings (i.e. the vasal kings of Sennacherib) were assembled,
They passed by together.
5 They saw it, and so they marveled;
They were troubled, and hasted away.
6 Fear took hold upon them there,
And pain, as of a woman in travail.
7 You break the ships of Tarshish
With an east wind. (Heb. ruach)
8 As we have heard (thus linking on Ps. 44:1), so have we seen
In the city of the LORD of hosts (cp. 46:7,11), in the city of our God:
God will establish it for ever. Selah. (Connecting the demand of Ps. 46:10, to "be still" and exalt Yahaveh, with the "rest" in the thought of His loving-kindness.)
9 We have been silent (or stood still [46:10] and rested in thought) of Your loving-kindness, O God,
In the midst of Your temple.
10 According to Your name (see 20;1), O God,
So is Your praise to the ends of the earth:
Your right hand is full of righteousness.
11 Let mount Zion rejoice,
Let the daughters (put for cities [cp. Num. 21:25. Josh. 17:11,16].) of Judah be glad, (These cities of Judah had cause for rejoicing, for they were now free from Sennacherib, who had captured them [Isa. 36:1].)
Because of Your judgments (on the Assyrian host).
12 Walk about Zion, and go round about her: (They were free to do this.)
Tell the towers thereof. (Many discovered on the east side of Ophel in recent excavations.)
13 Mark you well her outer walls (or ramparts),
Single out her palaces;
That you may tell it to the generation following.
14 For this God (or such a God) is our God for ever and ever:
He will be our guide for evermore.
(Though written [probably by Hezekiah, Isa. 38:20] for this special occasion, it was handed over for public use in the Temple worship.)