My 2011 Ultra Classic is making a horrendous noise in the rear. On bumps it seems ok, but on dips it sounds like metal hitting metal and there is a large clunking noise. QUESTION: can an air shock be bad & still hold air. My rear shocks seem to be holding the pressure, but man it feels and sounds like the rear end is going to come off.

 

Something is obviously not right, so worth taking some time to investigate. Shocks normally give problems on bumps, when they can bottom-out, in other words fully compress. Try jacking your bike up at the rear, to let the shocks extend fully, and see if something is touching, such as part of the swingarm on a muffler.

Can shocks go bad and still hold air? Quite probably. They are very simple and crude inside.