If the link you created appears in black with a red bracket instead of a gray color, that means the link is incorrect and the system is not able to display it. If the link URL is external, make sure the URL starts with "http://". If the link URL is internal, make sure the path is correct. As a reminder, we strongly encourage user to utilize the Path Picker when linking to an internal page. AEM will be able to store the referenced link and will be able to auto adjust the link in the future if the linked page is moved to a different location.