Interpretation Of A Quranic Verse

I have a question in my mind that I have not been able to figure out. A verse of the Holy Quran reads:

Say: "Call upon Allah, or call upon Rahman: by whatever name ye call upon Him, (it is well): for to Him belong the Most Beautiful Names. Neither speak thy Prayer aloud, nor speak it in a low tone, but seek a middle course between." (Al Isra' 17:110)

What is the verse referring to and what is the context? There are various explanations but I would like to get your opinion on this issue.

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