Recent angle resolved photoemission data, which found evidence for a d-wave-like modulation of the antiferromagnetic gap, suggest an intimate interrelation between the antiferromagnetic insulator and the superconductor with its d-wave gap. It is shown here that a projected SO(5) theory, which explicitly takes the Mott-Hubbard gap into account, correctly describes the observed gap characteristics. Specifically, it accounts for the order of magnitude difference between the antiferromagnetic gap modulation and the superconducting gap and is also consistent with the gap dispersion.