When speaking about a science for picking the right color, cultural context is one of the most important factors that needs to be taken into account.

This chart gives an idea about the diverse meaning of different colors across cultures:

References:
1. Vanka PhD, Surya. International Color Guide, Tektronix/Xerox.
2. Nicholson PhD, Mary. Graphic Design: Psychology of Color. “Lesson 13: Colors and Moods,” Bloomsburg University, 2001.
3. Kyrnin, Jennifer. Visual Color Symbolism Chart by Culture.
4. The Meaning of Color
5. Psychological Effects of Color, California State University Stanislaus

Source: http://www.globalization-group.com/edge/resources/color-meanings-by-culture/