ok its been a while since my last tutorial so i thought id make one on making chains in PS. After the below steps you should have something that looks like this

1) start a new sheets 400x400 and fill background with a dark color or gradiant. Now on a new layer make an oval using the eliptical marquee tool and fill with what ever color you like

2) now hold down ctrl and click on your oval layer to create a selection. Now go to select-->modify-->contract and enter a value of 10px. now hit delete and you will be left with a hollow oval.

3) now right-hand mouse click on the oval layer and select blending options. Fill in as below
drop shadow

inner shadow

inner glow

bevel and emboss

contour

satin

color overlay

ok you should now have a metalic link

4) now right-hand click on the oval layer and select duplicate layer. Now select the move tool from the toolbox and hit the down key on the keyboard to move the duplicate layer into the below position

5) ok now hold down ctrl on the keyboard and click on the original oval layer to select it like below

6) now selct the rectangle marquee tool and with the alt button held down select the right half of the top oval.....see below for help

you will now have the left half of the top link selected like below.

7) now make sure the lower link layer is selcted in the layers panel and hit delete....this removes a section of the lower link and makes them look like they are linked together.

and thats it....just keep duplicating the link with the piece cut out and moving it into postition to create a chain llike below

if you have any problems or questions i will be happy to answer them.