Select the Magic Wand Tool (W) and click on the black area of the “psd” layer to select the black text. Selection active, create a new blank layer on top of the “psd” layer by clicking on the Create a New Layer button below the Layer Palette. Then fill the selection with 50% gray and also rename the layer as “base style”. Deselect by Select > Deselect or press Ctrl + D.
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