The Rainbow Cloak is a nice low-level Armor which can be quite useful for Sorcerers at the early levels of Diablo I.
This item's name is likely a reference to the fact that it adds 10% to all Resistances.
Stats[]

The Rainbow Cloak
Cloak
- Armor Class: 10
- +1 to all Attributes
- +10% Resist All
- +5 Hit Points
- High Durability
- Requirements: None
- Durability: 27
- Quality level: 2
- Availability: Single Player and Multiplayer
Diablo I Unique Body Armor — Torn Flesh of Souls (Rags) • Nightscape (Cape) • The Rainbow Cloak (Cloak) • Wisdom's Wrap (Robe) • Leather of Aut (Leather Armor) • The Gladiator's Bane (Studded Leather Armor) • Arkaine's Valor (Ring Mail) • Scavenger Carapace (Breast Plate) • Sparking Mail (Chain Mail) • Naj's Light Plate (Plate Mail) • Demonspike Coat (Full Plate Mail)
Hellfire Unique Body Armor — Bone Chain (Chain Mail) • Bovine Plate (Plate Mail) • Demon Plate (Full Plate Mail) • Armor of Gloom (Full Plate Mail)