Large, multicolored, glowing craft hovered over neighborhood in Sao Paulo, Brasil

On New Year's Eve of 1990 shortly after midnight, my mother, cousin, and myself were standing outside on our balcony of a 3-story house in the Granja Julieta neighborhood of Sao Paulo, Brasil when a massive craft appeared over the neighborhood.
We were outside for new years festivities looking over the neighborhood. The craft seemed to appear out of nowhere and hovered over the neighborhood for a few minutes. We were on the third story and the craft wasnt much higher than us, though it was about 100 or so yards away. We estimate that the craft itself was about 50 yards across. It was disc shaped and had multiple multi-colored lights that were constantly blinking around the entire ship. When asked to describe it, I always state that it had a great resemblence to the ship from the movie "Close Encounters of the Third Kind". However, I had not seen this film prior to my sighting, so I do not think that had any effect on my recollection.
It hovered briefly over the neighborhood and began to glide further and further away. We saw it slowly float behind some trees then it suddenly gained a great amount of speed and disappeared. The following morning, several people around the neighborhood mentioned the encounter as well.
Til this day, my mother, cousin, and I still stand by our recollection of the event.