Unable to open "Application Folder" when in Finder/Go, need assistance.

The applications folder in your boot drive (/Applications)? Or one that may or may not be in your home directory (~/Applications)?

You shouldn't need the finder Go menu for either since you can navigate directly to them.

There was a problem similar to this and the OP used a different route to find the folder and then the link was reestablished. Open the Applications from Finder but go directly down the left side to Applicatons, does it open that way?