Create a new canvas with a black background. You can also choose a background color of your choice, but will have to make some changes in the color of the inner/outer glows for the subsequent layer to get the best effect. I will be using black for illustration purposes. The size of the canvas I have used is 985 x 575 px, Resolution 72 px.
Select the Ellipse Tool by right-clicking the shape tool.
Go the top-left corner in the canvas or the top-left position from where you would like to start. Press Shift and drag your mouse to make a perfect circle. Use the Move tool to re-position your shape.
This will create a new Shape Layer.
Now double click the shape layer or right click and select Blending Options… This will open the Layer style window. Check the Inner Glow option. Adjust the size to 27 px.
Click on the color picker to change the color. For this part, I have picked light gray.
Now go to Outer Glow. Change the color, Size to 117 px, and lower the Opacity to 47%. This will make the circle look like what is in the background then click OK.
Now duplicate the Shape1 layer by pressing Ctrl + J while the layer is selected or right-click on the layer and select Duplicate Layer. I will rename the new layer to Shape 2.
Now press Ctrl + T or go to Edit > Free Transform Path. Press Ctrl + Alt + Select A Corner to resize the object smaller from all sides while keeping the center point in the place.
After resizing, press Enter.
Now double click the shape layer or right click and select Blending Options… This will open the Layer style window. Check the Inner Glow option. Adjust the size to 54 px, Opacity to 79%. Select the Gradient Color and click on it to change the color.
Click on the right color and change it. Do the same with the left if required and add more if you prefer. After adjusting the colors, press OK.
Now, select the Outer Glow and change the Opacity to 100%, the Color to light gray and Size to 30 px.
Let’s insert text now. For this select the Type tool. Select and drag your text tool and Enter your text.
Change the font settings by selecting the font, size & other options.
Now press Ctrl +T to free Transform the text to center and rotate. My example looks like this:
Now right-click on Shape 1 and select Copy Layer Style.
Now right-click on the Text layer and select Paste Layer Style.
This will paste the styles to the Text Layer. Now double click on the layer to open Layer Style window. Uncheck the Inner Glow and select Outer Glow. Change the Opacity to 100%, Spread: 24% & Size: 24 px.
To Place the Gloss:
Create a New Layer.
Select the Elliptical Marquee Tool.
Draw an oval, then select the Gradient tool and draw the line from bottom –to-top.
This will create a gradient as the following. Make sure it is black-to-white and the 1st gradient style.
Change the layer style to Screen and lower the Opacity to 43%.
Now press Ctrl + T and rotate & resize the oval to fit your circle.
The final output will look like this
Check this out while you wait!