Shalom.The "old" Covenant given at Sinai was for Israel. ("old" should be italicized).
The "new" Covenant will be for Israel as well.
But this is that which was spoken by the prophet Joel; And it shall come to pass in the last days, saith God, I will pour out of my Spirit upon all flesh: and your sons and your daughters shall prophesy, and your young men shall see visions, and your old men shall dream dreams: And on my servants and on my handmaidens I will pour out in those days of my Spirit; and they shall prophesy: And I will show wonders in heaven above, and signs in the earth beneath; blood, and fire, and vapor of smoke: The sun shall be turned into darkness, and the moon into blood, before that great and notable day of the Lord come: And it shall come to pass, that whosoever shall call on the name of the Lord shall be saved. - Acts 2:16-21 KJV
It is my understanding that you did not answer the question. Please answer the question. What translation is this? Also, why do you say that "old" should be italicized?
Shalom.
Jacob