Over the years, cooling high energy devices has become a major challenge to most industries. Thus, squeezing hydromagnetic nanofluid flow between two parallel plates has garnered alot of attention. In the present study, an unsteady, incompressible, hydromagnetic gold and water nanofluid flow squeezed between two parallel plates with Joule heating and a magnetic field that is induced is considered. The model considers the impacts of Joule heating,Viscous dissipation and induced magnetic field. In contrast with other studies which may have focussed on only one or two of these aspects this comprehensive approach provides a more accurate depiction of the flow pattern. Employing the finite difference method, the flow's non-linear differential equations are numerically solved and then implemented in MATLAB. The effect of changing various parameters on flow variables such as velocity, magnetic induction and thermal profiles are determined and the results obtained are presented graphically. Increasing magnetic parameter and Prandtl magnetic number caused a decline in temperature,velocity and magnetic induction profiles. Further, increasing the Eckert number and Joule heating parameter lead to an increase in temperature profiles. This findings have a direct impact on high-energy cooling devices which frequently experience heat dissipation. Additionally, engineers can ensure optimal performance and the longevity of plate heat exchangers in industries.