I was on my balcony admiring a rainbow cloud that appeared to become richer in colours of blue, yellow, green, orange, with streaks of red through the orange. As I watched it pass over the homes I noticed what appeared to be a small solid white oval object come from behind the cloud, it continued S\E than looked as if it where rising in the sky and then continued S\E in an upward assent appearing smaller as it flew away then it disappeared. I thought it could be a satellite, I've never seen anything fly so high in the sky before but it wasn't shining or reflective just solid white. It was easy to see the object once it flew out behind the cloud contrast to the blue sky.