The use of X-ray magnetic circular dichroism in the absorption of soft X-rays for the layer-resolved imaging of magnetic domains is introduced. A photoelectron emission microscope, used as position-sensitive detector for electron yield detection of resonant absorption of circularly polarized X-rays at elemental absorption edges, enables the imaging of the magnetic microstructures at surfaces and buried magnetic layers. Extended to full-image local X-ray magnetic circular dichroism microspectroscopy, this combination of techniques allows the local microscopic determination of element-resolved spin and orbital magnetic moments.