The image in question isn’t suited for Image Tracing or we would use:
(probably printing it out and going over it w/ a marker would clean it up sufficiently for that)
and we don’t want to trace along the centerline, since we need both the inside and the outside. The image looks to be symmetrical, so we should be able to draw just one side and then duplicate and mirror and join.
and adjust things as desired — note that the right side seems to be a bit clearer, so if need be, flip and work against that side — one can right-click on nodes to get a couple of options, or alt-drag to asymmetrically place off-curve nodes: