The moon is on the rise it stares at me tonight
The moon is rising and looking at me, making me recall the memories of being held by someone before.

I'm reminded of the arms that held me tight
The sight of the moon reminds me of the past when I was in someone's arms, feeling secure and loved.

Last time I held you it ended all too soon
The last time I embraced someone, it ended abruptly, leaving me wanting for more.

We were lying underneath a yellow moon
The memory of the last time I was held had a 'yellow moon' as the backdrop, making it even more special.

There's a yellow moon hanging in a starry sky
The sky has a yellow moon in it among the stars.

Oh, I wonder if you're watching it too
I'm wondering if the person I'm thinking of is also looking at the moon right now.

Wherever you are, it's watching over you
Regardless of where that person is, the moon is watching over them.

Oh, shine on, shine on yellow moon
I want the moon to continue shining and being a reminder of the past memories in my life.

Sometimes we sit and talk me and that old moon
There are times when I confide in the moon like it's a friend, speaking to it like a companion.

I ask him, are you happy or if you're blue
I wonder if the moon has emotions and if it's content or feeling sad like I do.

I start to reminisce to a summer night in June
I begin to remember an event that occurred on a June night in summer.

We fell in love under a yellow moon
The event that I'm recalling is when we fell in love while the yellow moon was shining above us.

Yellow moon, oh, yellow moon
Addressing the moon directly, acknowledging its significance to the moment being reminisced.