This is a rare meteorological phenomenon called a ‘SKY PUNCH’. When people see these,they think it’s the end of the world. Ice crystals form above the high-altitude cirro-cumulo-stratus clouds,then fall downward, punching a hole in the cloudcover.
Cloud Art or Nature's Cloud Symphonies: this multi-coloured cloud phenomenon is called Sundog: rainbow cloud when ice crystals appear in clouds & refract sun's rays. Photographer Robert Arn, here in Heyworth, Illinois, US
Lighting up the sky: Rare 'fire' rainbow dazzles as it appears over Scotland - pictures