We should get the same result as in the picture below:

The already applied Rectangle Tool (U) may be helpful this time in representing a small stripe positioned on the central part of the circles:

Apply the here presented Blending Options:

We’ll get in this case a metallic element:

Next we have to select one more time the Custom Shape Tool (U) – Circle Thin Frame for representing the ring:

Make use of the Blending Options shown in these tables: