It is a good idea to have gold and gold related investments as part of your portfolio at all times. It is even more important in our current times. You should have a certain holding as a disaster hedge.
It is another thing to speculate with gold. This would be buying gold at, say, $1,100 an ounce and selling it a month later for $1,200 an ounce. Your short-term profit is $100 an ounce (excluding any transaction fees and taxes) in terms of dollars.
There was an article posted on LewRockwell.com today that talks about the short-term surges in gold prices and how they can range from 13% to 35%. If we are currently in one of these surges, gold may go to $1,400 an ounce, easily, in the next few months. It makes for an interesting speculation. I am not bold enough to predict this outcome as it is impossible to do so. But it does make sense that if you are adding gold holdings to your portfolio, to buy on dips.
However, if you don't have any gold exposure or even very little, you shouldn't wait to buy. It is hard to time prices and you need your core position immediately. The price could take off tomorrow and never go below $1,300 an ounce ever again. Again, I'm not saying this is likely, but it is possible.