This is another poem from Clark Ashton Smith (CAS) that was never published during his lifetime, so here's the complete text:
Above the fateful suspect Flame suspended
The last line is apparently obscured in the original manuscript now in the collections of the John Hay Library at Brown University.
Compared to the poem "Geometries", which I read yesterday, the metaphor at the heart of "Alchemy" is much more effective, particularly in the second stanza, where the speaker feels himself to be "Supine in some colossal hour-glass". The speaker may be something of a romantic alchemist, but his powers fail to deliver the object of his affections to him.