The pseudogap effect of underdoped high-T-c superconductors is studied in t
he U(1) gauge theory of the t-J model including the spinon pairing fluctuat
ion. The gauge fluctuation breaks the long-range correlation between spinon
pairs. The pairing fluctuation, however, suppresses significantly the low-
lying gauge fluctuations and leads to a stable but phase incoherent spin-ga
p phase, which is responsible for the pseudogap effects. The resistivity is
suppressed by the phase fluctuation in this pseudogap phase, consistent wi
th experiments.