See in text (Sonnet 5)
“Lovely gaze” refers to the youth’s gaze, which is both beautiful and tempered. This gaze is so beautiful, so refined, that it attracts the eyes of everyone in the room. However, this “lovely gaze” could also be that of the speaker gazing on the youth. The “lovely gaze” then becomes the gaze of the lover looking at his beloved and recognizing that “every eye” dwells in this gaze.