Judging by your description, it is most likely a fistula which is a tract that forms from the abscess of your infected tooth that escapes out to the gums. As long as the fistula in intact, your abscess can drain and slow down the spread of the abscess but if the fistula closes up, the abscess can spread rapidly through your face or neck area.
I would recommend seeing a dentist and getting treatment started. The longer you wait, the more risk you take with an abscess and the lower the success of your treatment as the infection will spread and cause further harm.
Just to add to my post, the reason I didn't get the root canal and am wondering if I can see if this clears up is because I don't have insurance right now. If its gets worse or is still there a week from now I will definatly get it checked regardless. I smoke so any weird lump on my gum bothers me, and if its a abscess I understand that can be bad too, just wondering if this can be something benign or something I need to have looked at right away.
Please beware about gum disease.