Leaking valve cover gasket?

[gatorblue92]

It looks like the VC gasket on my new 300E has sprung a leak. I noticed something was amiss when I changed the oil last week but today I got a whiff of oil burning at a stoplight so it seems to have gotten worse. I popped the hood and was greeted with this. Does it look like the oil is just coming from the valve cover or does this look like a head gasket leak too? The head gasket was replaced about 45k miles ago so it seems pretty soon to need it again. I know the front of the engine is where they usually leak from.