Oil leak by cam seal

[3VOLV3R]

Bought this car a few months ago and have had a oil leak sense. Took it down to do a timing belt change and found attached in the photo. Does this look like a cam seal leak or a head gasket? It looks like the can seal is the highest point of the leak.

[82eye]

you'd likely notice other issues with a head gasket leak. do the cam seal and replace the valve cover gasket and D-seal plugs. take the opportunity to adjust the valves after the timing belt / water pump / cam seal change.