There's such a sad look
In your eyes, a kind of pale jewel
Open and closed within your eyes
I see the sky in your eyes
The scene in which the song takes place is a dream sequence of a goblin's ball (although there are no goblins in sight, just the other human revellers at the ball). They say that the eyes are the windows to the soul, and this explains why people place such heavy emphasis on eye contact and being able to see if people are telling the truth by looking at the size of pupils. You can also usually tell if someone likes you or is really listening to you because their eyes smile when they talk to you. Jewels and sky? Ah... a dreamer. . .
There's such a fooled heart
Beating so fast in search of new dreams
A love that will last within your heart
I'll place the moon within your heart
I get the sense that Jareth the Goblin King is mocking Sarah in this verse. He seems to think that he has power over her and can manipulate her. And he has - because she has let him. Does he hope that by placing the moon in her heart that it will take up every inch of space so that her heart can still be fooled. Probably over-thinking this one. . .
As the pain sweeps through
Makes no sense for you
Every thrill has gone
Wasn't too much fun at all
But I'll be there for you
As the world falls down
The drum kit helps to drive the song along while the descending three-note ocarina motif from the synthesiser I think The Goblin King knows that he needs to be careful as Sarah has the potential to snap out of the reverie that she is in. His offer of support is of course not genuine, but hey Sarah doesn't know that, nothing makes sense to her right now, as he fills all her senses.
I'll paint you mornings of gold
I'll spin you Valentine evenings
Though we're strangers till now
We're choosing the path between the stars
I'll leave my love between the stars
Jareth talks about golden days and romantic nights, getting to know each other. Empty promises?Hmmm.... the path between the stars and he's going to leave his love for her there. She doesn't know much about love. He needn't bother leaving his love between the stars because the only love she's know is between the pages of the books and the plays that she reads in her room. There's nothing wrong with a fantasy world. If you find yourself living too much fantasy and not enough of your reality - then you have two choices: 1) snap out of the fantasy and stay in your reality or 2) make your fantasy your current reality.
If you are somewhere trying to figure out what feelings you have (what are these feelings?!)
Just enjoy it. Why do you feel the need to label it?
It could just be exactly what you need to heal you, to challenge you and know that you are loved.
If you fall down, your world falls down, enjoy the fall.
Makes no sense at all
Makes no sense to fall
As the world falls down . . .