Create a Spectacular Style Text Effect

The layer's parameters: Blending Options>Gradient Overlay

Gradient's parameters:

It's necessary to draw the third band too:

The layer's parameters: Blending Options>Gradient Overlay

Gradient's parameters:

Combine in a group all the layers containing those three bands (press Ctrl button to mark out the necessary layers and then hold on the left mouse's button while taking the marked layers on Create a new group selection). Make a copy of the last made group and move off the layers' effects. After that we shall use the Free Transform option to displace the layers the same way shown below:

Merge down the group containing the black bands, representing the shadows and then press Ctrl+E. Make a click on the same layer on the bottom part of the layers' panel on Add a Mask selection. Then apply the Brush Tool (B) of black color to erase the unnecessary parts of the shadows.

Create a new layer and select the above mentioned brush of white color to draw a kind of ornament like that one from the next image:

The layer's parameters: Blending mode-Overlay

Create a new layer again and use on it the same brush used before for drawing several more elements of the same ornament, started at the beginning. The color is white.

Select the parameters from here for the layer: Filter>Blur>Gaussian blur

Set the parameters from below for the same layer: Fill 50%

Using the Pen Tool (P) and the Convert Point Tool by turn, it's possible to represent three more elements on the ornament, having the color #545E4E

Click to enlarge

Finished!