This mod allows you to use newer colors:
<rainbow>This is a cool rainbow</rainbow>
<gradient:#ffffff:#000000>White to black</gradient>
<#ff0000>this red is too <bold>bright</bold></#ff0000>
<gradient:#ff0000:#000000>This is pretty <bold><rainbow>COOL</rainbow></bold></gradient> <#0000ff>isn't it?</#0000ff>
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