1 [A Psalm of David. Maschil.] Blessed is he whose transgression is forgiven, whose sin is covered.
2 Blessed is the man to whom the LORD does not impute iniquity, and in whose spirit there is no guile.
3 When I kept silence, my bones became old through my roaring all the day long.
4 For day and night your hand was heavy upon me. My moisture is turned into the drought of summer. [Selah.]
5 I acknowledged my sin to you, and my iniquity I have not hid. I said, "I will confess my transgressions to the LORD," and you forgave the iniquity of my sin. [Selah.]
6 For this everyone who is godly shall pray to you in a time when you may be found. Surely in the floods of great waters they shall not come near to him.
7 You are my hiding place. You will preserve me from trouble. You will compass me about with songs of deliverance. [Selah.]
8 I will instruct you and teach you in the way which you shall go. I will guide you with my eye.
9 Do not be as the horse or as the mule, which have no understanding, whose mouth must be held in with bit and bridle, lest they come near to you.
10 Many sorrows shall be to the wicked, but he who trusts in the LORD, mercy shall encompass him.
11 Be glad in the LORD and rejoice, you righteous, and shout for joy, all you who are upright in heart.
[v.1-2] - Quoted in Romans 4:7-8.
[v.5] - Reference, 1st John 1:9.
[v.8] - Though this verse seems to be a quote from God stating that He will instruct His people, it is most likely David speaking to the reader or listener. It works either way. Here are commentaries for both points of view: From John Gill: "These are by many thought to be the words of the Lord, who gives to a man an understanding of spiritual things;" from Matthew Henry: "He turns his speech to the children of men. Being himself converted, he does what he can to strengthen his brethren (Luke 22:32)."