With the shade around her waist she dreams on her balcony (5-6)
This description of shadow as a belt strikes us as a bit strange. Shade is not really good for holding up one's pants, or so we've been told… Maybe this description suggests that there is a dark element to the gypsy girl. Perhaps there's a part of her that will always remain hidden.
Under the gypsy moon, all things are watching her and she cannot see them. (10-12)
What would it be like to have "all things" on Earth watching you? Let's ask Ryan Gosling. We bet it'd be disconcerting. Still, it doesn't seem to be a problem for our gypsy girl, since she can't see them anyway. In these twists of logic, the lines seem designed to highlight both the girl's desirability and her remoteness.
Big hoarfrost stars come with the fish of shadow that opens the road of dawn. (14-16)
This fish of shadow sounds ominous, but it seems to have an important job: it brings on the dawn. If you've ever seen a pre-dawn sky, you'll know that, as the sun ascends, the sky changes from solid black to lighter and darker shades. Perhaps some deeper patch of darkness seems to suggest a fish of shadow, moving in the sky just before the sun emerges.