I was walking down the street and saw a bright orange light to the east heading directly towards the west. I thought it was a light on a landing plane it was that bright but it was orange like a street light. It appeared to waiver like it was on fire. It approached the town then turned in a slow semi-circle to the south, then headed back east and disappeared into a nearby cloud. Personally I think it was a hot air balloon but I've never seen one with a bright orange light on it before nor anywhere near this area (elevation 1,300 metres).