Should I upgrade my CPU or GPU?

I bought my PC in 2020 it has a rx 5600 xt GPU and a ryzen 3 3100 CPU and 16GB ram. I use it for mostly gaming at 1080p. I only have enough money to upgrade either the CPU or GPU not both. When I bought my PC in 2020 I went a little cheap with the CPU and only got the ryzen 3 3100 for $99 to save money. I want to upgrade my CPU to the Ryzen 7 5700X but I' not sure if it would just be better to upgrade the GPU instead. My power supply is also only 550 watts so if I get a new GPU I might need a new power supply which will be more money.