David wrote this Psalm when he was being chased by King Saul & then being potentially persecuted by the King he had decided to temporarily stay with. An “act” literally of insanity enabled him to escape. Psalm 34 is his response.
Extol is a word we don’t use very much these days. Think of Extol like a stew with the following ingredients:- “give thanks”, “praise highly”, “Celebrate”, “Exalt”, “Bless”. ie Ultimately recognising Gods Holiness & worthiness to be worshipped.