Cook the elbow macaroni according to package directions until al dente. Drain well and set aside.

While the pasta cooks, crisp the pancetta. Place the diced pancetta in a large, cold skillet or saucepan over medium heat. Cook, stirring occasionally, until the pancetta is browned and crispy, about 8-10 minutes. Remove the pancetta with a slotted spoon and drain on paper towels. Reserve about 2 tablespoons of the rendered pancetta fat in the saucepan (discard the rest or save for another use).

Melt the butter in the same saucepan with the reserved pancetta fat over medium heat. Whisk in the flour and cook, whisking constantly, for about 2 minutes to create a roux. Do not let it brown.

Gradually whisk in the warm milk, a little at a time, ensuring no lumps form. Bring the sauce to a gentle simmer, whisking constantly, until it thickens enough to coat the back of a spoon, about 5-7 minutes.

Remove the saucepan from the heat. Stir in the Dijon mustard, smoked paprika, black pepper, and nutmeg. Season with salt to taste, remembering that the pancetta will add saltiness.

Add the shredded smoked Gouda and cheddar cheese to the sauce. Stir until the cheese is completely melted and the sauce is smooth and creamy.

Add the drained elbow macaroni to the cheese sauce. Stir gently to coat the pasta evenly.

Gently fold in about half of the crispy pancetta.

Pour the mac and cheese into a serving dish and top with the remaining crispy pancetta.