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I have a '95 F-150, 302 with 88,000 miles on it. Just recently the temp gauge started going about halfway up and it never used to get past the "O." It seems to do it most when I am accelerating, and then when I slow down or stop it goes back down. There are no leaks, the recovery tank and radiator are full, and I have not noticed any smell of antifreeze under the hood. Wondering if it might be the thermostat or maybe the gauge.
Sounds like maybe one of your hoses is old and collapsing at high RPM. When hoses get old they sometimes get soft and they will flatten out when the engine is at high RPM and then they will return to normal at low RPM. This causes the temp to go up at speed and down while going slow.
To check for this make sure your engine is fully heated up and pop the hood and watch the upper and lower radiator hoses when you rev the engine. You might need to keep the engine at say 2,500 to 3,000 RPM for a minute or two. You can also squeeze the hoses to see if they are too soft while the engine is running. naturally watch for moving parts if you get your hands down in there.