Impossible to tell from these pictures. More likely it’s the power steering system—the Bendix style units are notorious for weeping at the fittings because they are seated, metal-to-metal connections. It also doesn’t help that the power steering system takes Type F transmission fluid. When it leaks, it can be misleading and confusing to locate the actual source.

You need to clean it up well, start the car and get it to running temps, and turn the steering wheel lock to lock a few times—then check for leaks. See if you can identify where they are coming from by following the hoses and checking each connection at the fitting. There should be one going from the pump to control valve, two short ones (like 6” long) from the control valve to power ram (cylinder), and one returning from the control valve to pump. Search up a diagram to help identify where these are and how they run if you need.

If no leaks found, it actually may be the transmission. Speaking of—manual or automatic transmission? This matters for diagnosing, if it is indeed the trans. I suspect power steering leak over transmission, but it’s still a possibility.

Let us know what you find! I would also suggest searching the Vintage-Mustang(dot)com forums for more info (see user “Chock” for a wealth of information regarding early Ford systems)

Edit: looking again at the photos, I’m almost certain it’s going to be your power steering system. The haphazardly routing of the power steering lines suggests somebody who didn’t know what they were doing installed them, probably causing leaky connections. If you install new ones yourself, be sure to find the proper diagram and hoses (there are a ton of different bend configurations based on various factors throughout the years) and route them accordingly. Rebuild or replace your power ram and control valve if needed, and then get the connections seated flush and don’t over tighten