This psalm gives a graphic picture of the suffering King. It is likely that David initially spoke/penned these words to describe a personal affliction. Yet, the Lord gave him the words in such a way that it would be a prophetic explanation of the physical and spiritual sufferings that would be endured by the Son of God.
God shows through Job that what really matters is how things turn out in the end.
Though we are saved from the fullness of God’s wrath, we still have experiences in this life that seem as though the Lord Himself has turned on us.
The distance between man and God is great. This is partly based on the greatness of God, but the distance is magnified even more by the lowliness of man.
A covenant is a solemn agreement. The most important covenants in the Bible are those in which God makes a covenant with man: the Abrahamic Covenant, the Davidic Covenant, etc. Here is a covenant which man makes with God. The Israelites recognize the importance of God and covenant together to wholly follow Him.