lparault, maybe you'd be interested in having a look at the
English lyrics
_uggy: the pronoun "quello" (that) is directly linked to "andato via" (gone away), of course it can be linked to the first sentence as well (bugia & alchimia).
Alchimia is more evocative to me if compared to magia (magic), besides having reminiscences of a medieval past, it's more related to chemistry than to magic. We can talk about the chemistry of feelings and it's the result of a combination of elements rather than the effect of some spell/charm.
Nevertheless, alchemy is an inexplicable or mysterious transmuting.
Reading the lyrics, both in Italian and English, it's a clear hymn to life.