The crackled filled background shapes do not look very glossy. We will change this by adding a reflection to the image and then knocking out a shape under the text.

Make another 480 x 240 rectangle and apply a white to 40% black Linear fill.

Apply a Linear, Bleach, Transparency.

Change the starting and ending transparency amounts as shown.

Select the text and the highlights and bring them to the front. The easiest way to do this is to drag a marquee (rectangle) around the text with the Selector Tool (the arrow pointer) and then press Ctrl f.

Make another Clone of the beveled text.

Remove the bevel and change the fill to a solid color. Move the text straight down about 16 pixels.