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It the "squeaking coming from the steering wheel itself, or from the vehicle when the wheel is being turned? If it is the wheel itself, the only ting you can do to remedy that is to disassemble the steering column to lubricate the insides. If it is the vehicle that squeaks/squeals when the wheel is turned, then it is probably one of three things. From most likely to least likely they are:
1. Worn out/glazed serpentine (drive) belt
2. Defective belt tensioner
3. Defective power steering pump (or low fluid in reservoir).
Yes its risky. Dont drive with that noise from clock spring.Its indication of its failure. I believe this is the "clockspring" -- the electrical cable inside the steering column that connects your steering-wheel-mounted electrical controls to the rest of the car. ("Controls" used be just the horn.) The cable wraps around the steering column so it can turn with the steering wheel. Sometimes it starts to rub and squeak.
These squeaks usually are from the steering wheel rubbing the steering column bezel. You can spray some armor all around the back of the steering wheel, this will take care of the noise for some time. Add more as necessary.
Disconnect steering column down by brake pedals and turn wheel with steering disconnected.....if squeak is still there its in the upper steering column bearings...squirt silicon spray down the top tube [below the steering wheel] until it runs out thru the tube lower bearing. P.S dont forget to reconnect the steering!!!
This sounds like the power steering belt is slipping, this will cause a loud squeal, check all the belts and make sure they are good and tight, mostlikly its the power steering belt as the noise only happens when the wheel is turned.
It is difficult to just assess wut is causing the suspension knock. U will have to go under the vehicle or let someone who is experience about this do it. Go under the vehicle and check the entire suspension system, steering ends, rack ends, ball joionts, rubber bushings etc. Well u said u have changed ur shocks but no difference. As for the squeaks, this might be coiming from the universal joint from the steering column. Like I said they really have to be inspected.