We present first experimental results of the extension of X-ray Magnetic Circular Dichroism (X-MCD) to Small Angle X-ray Scattering (SAXS). The purpose of this study is to determine size distributions and correlations lengths in the nanometer range of magnetic precipitates in granular systems. Magnetic scattering curves obtained with a GdFe system at the Gd Ls edge are compared with reference measurements taken with Anomalous Small Angle X-ray Scattering (ASAXS) at the Fe K-edge. The profile of the scattering curves indicate a correlation maximum. The magnetic scattering intensity can be explained within the frame of X-MCD results and magnetic contributions to the anomalous scattering factors f' and f".