Aged fool dances inside it (3)

I believe the answer is:

old

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'it' is the definition.
The definition suggests a singular noun which matches the answer.

'aged fool dances inside' is the wordplay.
'inside' indicates a hidden word.
'OLD' is hidden within 'aged fool dances'.

Can you help me to learn more?

(Other definitions for old that I've seen before include "Long-established" , "Stale" , "SECOND PART OF 14" , "No longer young" , "Ancient" .)

I've seen this clue in The Mirror.

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