(This is the second entry on the poem of Edward Taylor, “Thou glory darkening glory” — a meditation on Colossians 2:3. The prior entry can be found here:
Oh, choicest cabinet, more choice than gold
Or wealthiest pearls – wherein, all pearls of price
All treasures of choice wisdom manifold
Enthroned reign. Thou cabinet most choice
Not scant to hold, not stained with cloudy gear
The shining Sun of Wisdom bowling there.
The primary background for this stanza is Colossians 2:3. Paul was writing to a church beset by some who offered a false wisdom to the Christian believers. Paul encouraged them to not turn away from Christ, because all of the beauty and wisdom of God resides in Christ:
1 For I would that ye knew what great conflict I have for you, and for them at Laodicea, and for as many as have not seen my face in the flesh; 2 That their hearts might be comforted, being knit together in love, and unto all riches of the full assurance of understanding, to the acknowledgement of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.
4 And this I say, lest any man should beguile you with enticing words. 5 For though I be absent in the flesh, yet am I with you in the spirit, joying and beholding your order, and the stedfastness of your faith in Christ. 6 As ye have therefore received Christ Jesus the Lord, so walk ye in him: 7 Rooted and built up in him, and stablished in the faith, as ye have been taught, abounding therein with thanksgiving. 8 Beware lest any man spoil you through philosophy and vain deceit, after the tradition of men, after the rudiments of the world, and not after Christ. 9 For in him dwelleth all the fulness of the Godhead bodily. Colossians 2:1–9 (AV)
However, Taylor also relies upon other Scripture for his imagery. It is hard to prove, but the 19th Psalm may have influenced Taylor’s imagery and diction. The 19th Psalm praises God for both revealing himself in nature and in the “law”. The first six verses praise God for revealing himself in the heavens – which includes the display of the sun:
4 Their line is gone out through all the earth, and their words to the end of the world. In them hath he set a tabernacle for the sun, 5 Which is as a bridegroom coming out of his chamber, and rejoiceth as a strong man to run a race. 6 His going forth is from the end of the heaven, and his circuit unto the ends of it: and there is nothing hid from the heat thereof. Psalm 19:4–6 (AV)
In the next section of the Psalm, David praises God for his law, testimony, statutes, commandments, judgments. He then says that God’s instruction is better than gold:
7 The law of the LORD is perfect, converting the soul: the testimony of the LORD is sure, making wise the simple. 8 The statutes of the LORD are right, rejoicing the heart: the commandment of the LORD is pure, enlightening the eyes. 9 The fear of the LORD is clean, enduring for ever: the judgments of the LORD are true and righteous altogether.
10 More to be desired are they than gold, yea, than much fine gold: sweeter also than honey and the honeycomb. Psalm 19:7–10 (AV)
The language of a pearl, first derives from the Lord’s parable:
44 Again, the kingdom of heaven is like unto treasure hid in a field; the which when a man hath found, he hideth, and for joy thereof goeth and selleth all that he hath, and buyeth that field. 45 Again, the kingdom of heaven is like unto a merchant man, seeking goodly pearls: 46 Who, when he had found one pearl of great price, went and sold all that he had, and bought it. Matthew 13:44–46 (AV)
The use of pearls as a superlative for value and beauty was a common place among Puritans. Consider for example the language of Thomas Brooks praising the good of assurance of salvation:
Ah! it is such a pearl of price, it is such a beam of God, it is such a spark of glory, that makes my soul a rich amends for all its waiting, weeping, and wrestling.
Christ, who is the wisdom praised by Taylor in this poem, is often referred as a pearl of price:
The scripture is the compass by which the rudder of our will is to be steered; it is the field in which Christ, the Pearl of price, is hid; it is a rock of diamonds; it is a sacred collyrium, or “eye-salve;” it mends their eyes that look upon it; it is a spiritual optic-glass in which the glory of God is resplendent; it is the panacy or “universal medicine” for the soul. 
The pearl does not possess wealth but rather requires great wealth to purchase. A “pearl of price” is an expensive pearl.
Nothing obscures the sight.
“Bowling” does not refer to the modern game of bowl, but rather to the movement of the sun, “rolling” through the sky.
“Law” means far more than rules or statutes, and rather refers to the manner of life and how one should live.
I recall being informed in college that the movement caused by the Reformation resulted in a loss of assurance for the “common man” was he was now left alone with God. That is nonsense: a constant argument of the Reformers was that assurance of salvation (right standing with God) could be had. It was the earlier medieval position that such assurance could only be had by the rarest of individuals (“saints”) perhaps – but it was foolish if not wicked for a common man to think himself assured.
Thomas Brooks, The Complete Works of Thomas Brooks, ed. Alexander Balloch Grosart, vol. 2 (Edinburgh; London; Dublin: James Nichol; James Nisbet and Co.; G. Herbert, 1866), 515.
James Nichols, Puritan Sermons, vol. 2 (Wheaton, IL: Richard Owen Roberts, Publishers, 1981), 63