Psalm 16 is a Messianic Psalm which predicted the Resurrection of Christ. In v1-6 we see His single-minded loyalty to God, trusting in God for security (v1), welfare and righteousness (v2). He is singleminded in His mission to save His people, His saints in whom is all His delight (v3, Hebrews 12:2). He is singleminded in His worship of God (v4), His desire for God's Presence (v5), and His trust in God to bring Him into His full inheritance of life and blessing (v5-6). He does not follow other gods in idolatry or other things in covetousness (v4-6). As a result, God gives Him counsel (guidance) by His Spirit instructing Him in His heart (v7), and He can look forward to glorious resurrection unto eternal life and blessings (v8-11). He always sets the Lord before Him, looking to Him for leadership and keeping His focus on Him. He exalts the Lord to the highest place in his life, the place of honour, at His right hand. As a result, the strength of God is always with him, and so whatever happens He will not be moved or shaken (v8). This is true even in the face of death. As He looks ahead to His death He can rejoice, knowing that God will raise Him from the death: "Therefore my heart is glad, and my glory rejoices, My flesh also will rest (dwell securely) in hope (of resurrection)" (v9). When this verse is quoted in Acts 2:26, the word 'glory' is translated as 'tongue' (following the Septuagint). This agrees with other verses that emphasise the close connection between the heart and the mouth (Matthew 12:34-35), the mouth receiving and expressing what is in the heart, which is the very meaning of 'glory' or 'to glorify' (John 16:13-15). The moon is the glory of the sun, because it receives the light of the sun and then shines it. Likewise, we glorify God by receiving and expressing His Spirit. Likewise, the tongue is our glory, because it takes what is in our heart and expresses it.
In v10, he gives more explanation about His upcoming death and resurrection: "For You will not leave my soul in Sheol, nor will You allow Your Holy One to see (undergo) corruption." In His identification with mankind, after death, in His human soul Christ went down to Sheol (Hades), while His body was in the tomb. He calls His body 'Your holy one' for it had no sin-nature (because of the virgin birth), and He continually offered it to God as a living sacrifice to do God's perfect will (Romans 12:1). He declares that God would not allow His holy body to see corruption, as that would be inappropriate. This is a prophecy that the sinless Messiah must be raised within 3 days, as corruption begins on the 4th day, according to the laws of chemistry (John 11:39). He concludes in v11: "You will show me the path of life. In Your Presence (Face) is fullness of joy; at (in) Your right hand are pleasures forevermore.” As He walks with God, God shows Him the path that leads to abundant and eternal life, even through death and resurrection (also to walk in this path is to live). Most of all He looks forward to the full restoration to God's Presence (see v5), after His earthly life and suffering the darkness of the Cross. Moreover, He looks forward to fullness of joy (literally 'joys') and eternal pleasures provided by God the Father, at His right hand in Heaven. 'Fullness' means 'wholly satisfying and endlessly varied.' The resurrection (v11) is the ultimate answer to His prayer in v1-2. Notice that because He exalted God to His right hand (v8), God exalted Him to His right hand - the place of highest honour (v11, see also Psalm 110:1, Eph 1:20, Col 3:1, Hebrews 1:3,13, 8:1, 10:12, 12:2, 1Peter 3:22, Phil 2:9-11). Thus v9-11 is a prophecy of Christ's death, resurrection and ascension.
Jesus Christ fulfilled this Psalm by His perfect obedience and received His promised eternal inheritance, and He did it for us, that is He received every blessing on our behalf, so that in Christ, we will also receive the fulfilment of the promise of resurrection and eternal life enjoying God's Presence (in face to face fellowship at His right hand) and His pleasures forevermore. We conclude by seeing how the apostles Peter and Paul quoted Psalm 16 and showed how Jesus fulfilled it, proving that He is the Messiah (Acts 2:22-33, 13:33-38).