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Connecting Statement:
Yahweh continues speaking about David.
My truth and my covenant faithfulness will be with him
God always being loyal and doing what he promises for David is spoken of as if truth and faithfulness were objects that would be with David. The abstract nouns "truth" and "faithfulness" can be translated as adjectives. Alternate translation: "I will always be truthful with him and I will always act faithfully towards him" (See: rc://en/ta/man/jit/figs-metaphor and rc://en/ta/man/jit/figs-abstractnouns)
by my name
Here "name" represents God' power. Alternate translation: "I, God, will cause him to be victorious" (See: rc://en/ta/man/jit/figs-metonymy)
his horn will be exalted
This metaphor speaks of David winning a battle as if he were a wild ox that has defeated an enemy. See how you translated similar words in Psalm 89:17 Alternate translation: "he wins the battle" (See: rc://en/ta/man/jit/figs-metaphor)