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Hello, I'm Brandon.
yes, low transmission fluid could have the same symptom that you are having.
Also burnt clutch pack and bad torque converter can also prevent the transmission from engaging.
From the experience, the klunking noise is most likely coming from the bad torque converter.
The only fix for that will be a transmission replacement.
Let me know if you have further questions.
Please rate me positive for the prompt service, thank you!
Sorry for the bad news.