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Think it's a headgasket but not showing telltale symptoms like milky oil , sweet smelling exhaust etc.

Any advice to confirm ?

Typically M30s blow head gaskets because they are overheated and warp the head, but sometimes the gaskets do just rust out and are compromised between the water jacket and combustion chamber or the engine exterior. Contaminated oil is the norm but it doesn't have to be. What does it smell like, anti freeze?

maybe it's just steam?
What is the pressure of the coolant hoses like?

Most importantly, confirm if it's smoke or steam.

The smoke does not smell sweet. It smells more like fuel than antifreeze. Furthermore it is smoke as opposed to steam.

Since this was a turbocharged car, the exhaust manifold ws blocked where the turbo orginally installed. While the car is running I can see water bubbling at this point. Another possible indicator of a blown headgasket.

Thanks for all the advice !!! Very much appreciated.

"was a turbocharged car" is all I needed to read.