diff --git a/chart/chart-index/Chart.yaml b/chart/chart-index/Chart.yaml
index 6c219d77e0..635fe64fa8 100644
--- a/chart/chart-index/Chart.yaml
+++ b/chart/chart-index/Chart.yaml
@@ -9,7 +9,7 @@ dependencies:
     version: 9.2.4
     repository: https://argoproj.github.io/argo-helm
   - name: argocd-image-updater
-    version: 1.0.1
+    version: 1.0.4
     repository: oci://ghcr.io/argoproj/argo-helm/argocd-image-updater
   - name: cert-manager
     version: v1.19.2
diff --git a/charts/argocd-image-updater/Chart.yaml b/charts/argocd-image-updater/Chart.yaml
index 31caf96459..32ae7c3b1b 100644
--- a/charts/argocd-image-updater/Chart.yaml
+++ b/charts/argocd-image-updater/Chart.yaml
@@ -1,12 +1,12 @@
 annotations:
   artifacthub.io/changes: |
-    - kind: changed
-      description: Bump argocd-image-updater to v1.0.1
+    - kind: fixed
+      description: fix ServiceMonitor target discovery
   artifacthub.io/signKey: |
     fingerprint: 2B8F22F57260EFA67BE1C5824B11F800CD9D2252
     url: https://argoproj.github.io/argo-helm/pgp_keys.asc
 apiVersion: v2
-appVersion: v1.0.1
+appVersion: v1.0.2
 description: A Helm chart for Argo CD Image Updater, a tool to automatically update
   the container images of Kubernetes workloads which are managed by Argo CD
 home: https://github.com/argoproj-labs/argocd-image-updater
@@ -20,4 +20,4 @@ maintainers:
   url: https://argoproj.github.io/
 name: argocd-image-updater
 type: application
-version: 1.0.1
+version: 1.0.4
diff --git a/charts/argocd-image-updater/README.md b/charts/argocd-image-updater/README.md
index 5aae146b2b..dfc288242e 100644
--- a/charts/argocd-image-updater/README.md
+++ b/charts/argocd-image-updater/README.md
@@ -10,18 +10,34 @@ docker run --rm --volume "$(pwd):/helm-docs" -u $(id -u) jnorwood/helm-docs:late
 ## Installation
 
 ```console
-helm install oci://ghcr.io/argoproj/argo-helm/argocd-image-updater --namespace argocd-image-updater-system
+helm install oci://ghcr.io/argoproj/argo-helm/argocd-image-updater --namespace <desired installation namespace>
 ```
 
 If you still use the classic approach of installing Helm charts (non-OCI), you can do so by adding the Argo Helm repository and installing the chart with the following commands:
 
 ```console
 helm repo add argo https://argoproj.github.io/argo-helm
-helm install argocd-image-updater argo/argocd-image-updater --namespace argocd-image-updater-system
+helm install argocd-image-updater argo/argocd-image-updater --namespace <desired installation namespace>
 ```
 
 The Argo CD Image Updater controller **must** be run in the same Kubernetes cluster where your Argo CD `Application` resources are managed. The current controller architecture (v1.0+) does not support connecting to a remote Kubernetes cluster to manage applications.
 
+### Choosing the installation namespace
+
+> You have two options for where to install the Argo CD Image Updater:
+>
+> #### Option 1: Install into the Argo CD namespace (Recommended)
+>
+> The simplest approach is to install the image updater into the same namespace as your Argo CD installation. This
+> requires minimal configuration. (..)
+>
+> #### Option 2: Install into a separate namespace
+>
+> For better workload isolation, you can install the image updater into its own namespace. This use case requires
+> several manual configuration steps. (..)
+
+For the full details, please read [Installation methods] in the upstream docs.
+
 ## Prerequisites
 
 * Helm v3.0.0+
@@ -32,6 +48,13 @@ For full list of changes please check ArtifactHub [changelog].
 
 Highlighted versions provide information about additional steps that should be performed by user when upgrading to newer version.
 
+### 1.0.3 (app version 1.0.2)
+
+The upstream project changed the recommended installation namespace from `argocd-image-updater-system` to the same
+namespace as Argo CD is installed in.
+
+Please read [Installation methods] and/or [PR #1356] for more information.
+
 ### 1.0.0
 
 This chart release includes the upstream breaking changes introduced in Argo CD Image Updater 1.0.0.
@@ -150,3 +173,5 @@ Autogenerated from chart metadata using [helm-docs](https://github.com/norwoodj/
 
 [Configuration of Container Registries]: https://argocd-image-updater.readthedocs.io/en/stable/configuration/registries/
 [Support ECR authentication]: https://github.com/argoproj-labs/argocd-image-updater/issues/112
+[Installation methods]: https://github.com/argoproj-labs/argocd-image-updater/blob/v1.0.2/docs/install/installation.md#installation-methods
+[PR #1356]: https://github.com/argoproj-labs/argocd-image-updater/pull/1356
diff --git a/charts/argocd-image-updater/templates/deployment.yaml b/charts/argocd-image-updater/templates/deployment.yaml
index 81190a8219..181dca6c22 100644
--- a/charts/argocd-image-updater/templates/deployment.yaml
+++ b/charts/argocd-image-updater/templates/deployment.yaml
@@ -43,11 +43,17 @@ spec:
               {{- toYaml . | nindent 12 }}
             {{- end }}
           env:
+          - name: ARGOCD_NAMESPACE
+            valueFrom:
+              configMapKeyRef:
+                key: argocd.namespace
+                name: {{ .Values.config.name }}
+                optional: true
           - name: IMAGE_UPDATER_INTERVAL
             valueFrom:
               configMapKeyRef:
                 key: interval
-                name: argocd-image-updater-config
+                name: {{ .Values.config.name }}
                 optional: true
           - name: IMAGE_UPDATER_LOGLEVEL
             valueFrom:
@@ -71,7 +77,7 @@ spec:
             valueFrom:
               configMapKeyRef:
                 key: max_concurrent_reconciles
-                name: a{{ .Values.config.name }}
+                name: {{ .Values.config.name }}
                 optional: true
           - name: GIT_COMMIT_USER
             valueFrom:
@@ -112,13 +118,13 @@ spec:
           - name: ENABLE_WEBHOOK
             valueFrom:
               configMapKeyRef:
-                name: argocd-image-updater-config
+                name: {{ .Values.config.name }}
                 key: webhook.enable
                 optional: true
           - name: WEBHOOK_PORT
             valueFrom:
               configMapKeyRef:
-                name: argocd-image-updater-config
+                name: {{ .Values.config.name }}
                 key: webhook.port
                 optional: true
           - name: QUAY_WEBHOOK_SECRET
@@ -148,7 +154,7 @@ spec:
           - name: WEBHOOK_RATELIMIT_ALLOWED
             valueFrom:
               configMapKeyRef:
-                name: argocd-image-updater-config
+                name: {{ .Values.config.name }}
                 key: webhook.ratelimit-allowed
                 optional: true
           {{- with .Values.extraEnv }}
diff --git a/charts/argocd-image-updater/templates/metrics-service.yaml b/charts/argocd-image-updater/templates/metrics-service.yaml
index 4cc6e08806..8e430a0339 100644
--- a/charts/argocd-image-updater/templates/metrics-service.yaml
+++ b/charts/argocd-image-updater/templates/metrics-service.yaml
@@ -17,7 +17,7 @@ metadata:
   namespace: {{ include "argocd-image-updater.namespace" . | quote }}
 spec:
   ports:
-    - name: https
+    - name: metrics
       protocol: TCP
       port: {{ .Values.metrics.service.servicePort }}
       targetPort: metrics
diff --git a/charts/argocd-image-updater/templates/rbac.yaml b/charts/argocd-image-updater/templates/rbac.yaml
index 8cfb6019b2..ebd11323d9 100644
--- a/charts/argocd-image-updater/templates/rbac.yaml
+++ b/charts/argocd-image-updater/templates/rbac.yaml
@@ -59,7 +59,6 @@ metadata:
   labels:
     {{- include "argocd-image-updater.labels" . | nindent 4 }}
   name: {{ include "argocd-image-updater.fullname" . }}
-  namespace: {{ include "argocd-image-updater.namespace" . | quote }}
 rules:
   - apiGroups:
     - ""
@@ -110,7 +109,6 @@ metadata:
   labels:
     {{- include "argocd-image-updater.labels" . | nindent 4 }}
   name: {{ include "argocd-image-updater.fullname" . }}
-  namespace: {{ include "argocd-image-updater.namespace" . | quote }}
 roleRef:
   apiGroup: rbac.authorization.k8s.io
   kind: ClusterRole