I have a 1983 Mercedes 300D Turbo which developed this problem when the weather began to get cold, and would come and go for months as the temperature fluctuated. When I turn the steering wheel a few time, a loud high pitched screeching would emanate from the left front tire area. It's louder when turning to the left, but it still makes itself known on right turns. It would also creak loudly when bouncing the left front corner of the car.

I decided to jack up the front end today to inspect the left front suspension. With each pump of the jack, the noise rung out loudly little by little until the tires were off the ground. When I brought the car down it didn't make the sound. I turned the wheel to check for the sound but it was completely gone! I suspect it was some part in the suspension was over compressed, and lifting the car stretched it back into its normal range of compression.

Could this sound have been coming from the shocks? If it is, it seems odd that it was loudest when turning, but since the noise went away by relieving the weight from the suspension, I don't want to rule it out. I'd really like to address the issue before it leads to something worse. What do you think it could be?

For reference, here is someone else's 1983 300D making the exact same noise in a YouTube video.