The first step is to create the background. I chose a gold pipe gradient. Then select the font and style. I chose vivaldi crisp with the color a medium gray. The initial size was 72.px. that I transformed to fit the image. After rasterizing the text I used the wand to select it then in the select menu/modify selection I chose contract 2pixels. After cutting and pasting I now have a solid inner text and a hollow outer text. I made a duplicate layer of each then turn off all the layers except the background and one of the solid text layers.
With the text layer selected I opened filter menu styles and chose emobss. I set the hight to a low setting and the amount fo a high setting then adjusted the lighting angle to get an even balance of contrast against the background gradient. Then I set the layer mode to luminosity which allows the text to take on the colors of the background while retaining the emobossed effect.
Now I select one of the hollowed text layer and make it visible. I left the blend mode normal but turned the opacity down to 79.
Then I select the other hollowed text layer go to the image adjustment menu and select the inverse then position the layer under the other two text layers set the blend mode to color dodge and 27% opacity.
The final step is to create a new layer and position it on top of all the other layers. With the new layer selected I used the pen tool and traced the wide strokes of the letter "E" then used the color picker to select one of the lighter colors in the image to for stroke. In the paths menu I right clicked on the path layer and selected stroke with pencil then turned off the path layer. The stroke looked like a dotted line in places so I duplicated the stroke and used this to fill in the weak spots. Using copies of the finished stroke I used the warp tool to fit them to the other letters. Another way to get the inner highlighting is to use the second solid inner text layer by inversing it then set the layer blend mode to lighten or screen and use the eraser to get rid of the unwanted highlights.
Next are some variations I created with different blending modes and layer positions.
The different effects here were created just by using different blend modes and changing layer positions. 
I created the dark background intending to show that you didn't need a highgloss background to get the engraved effect, but while I was making it I happened to set the layer blend mode to disolve and the Engraving I stoked with a brush because the effect of the disolve blend reminded me of the engraving plastic so these are my first attempts at creating plastic engravings.
Linear Mode
