Gel coat surface must be sealed with wax, or preferably with modern polymer/ceramic sealant which sometimes is called "wax" also.
Polishing surface is whole different thing. If the gel coat is not glossy or have small scratches it is time to polish it. Most effective way is to use rotary/orbital (or what you call them) polishing machine, good quality cutting discs and abrasive products. What you need depends on the gel coat condition. Sometimes just quick polish with finishing disc is enough, sometimes you need to start with wet sanding. After that you can seal the polished surface.
Most cheap market waxes have at least a bit of cutting particles, so you basically polish the surface a bit when applying the wax. This can be a easy way to get bit more gloss from surface. Some products can be even applied with rotary machine, like polishing compound, increasing the effectiveness of cutting the gel coat.
Please forget hard wax bars (designed for metal polishing), carnuba waxes etc. The science in detailing has advanced a bit during last 50 years. New stuff really works. Polymer sealant in my wings feels like it's done yesterday, after 200hr flight hours this year. Just watch some car detailing gurus do their magic on youtube for tutorial.