Pressure test it. There are lots of potential leak sites.
My car had a leaking coolant reservoir: if you used a mirror, you could see the "crust" on the bottom, where the hose came in. New reservoir and hose fixed it. But there are so many possibilities: thermostat housing, water pump, heater hoses, radiator hoses, and yes, head gasket, that a pressure test is far better than guessing and throwing money at the problem.
What JRL is saying is that a head gasket leak may not show up during a pressure test because it's potentially internal.
But a pressure test is the ONLY way to go in narrowing this down. Too often, I see folks throw parts (and therefore, $$$) at a problem with their Volvo, and then complain that the car costs too much to maintain...well, it does cost a lot to replace working parts over and over...it costs a lot less to properly diagnose an issue...
Current Fleet:
2016 Tundra Crewmax 4WD 1794
2005 MB S600 (126K, Michelin AS4, HPL 0W40)
2005 MB SL600 (55K Michelin AS4, Mobil 1 0W40)
2004 V70R (143K, six speed M66, HPL 5W40)
2004 XC90 (235K, HPL 0W30 Euro)
2002 V70-XC (295K, HPL 0W30 Euro)
2002 V70-T5 (225K, IPD bars, Bilsteins)
2001 V70-T5 (125K, IPD downpipe, cat back and other mods)
1932 Packard Sedan (straight 8, dual sidemounts, original paint and interior, Shell Rotella 15W40)
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