You are correct, it's all about the pineal, in Italian the "pine-occhio" (hence Pinocchio, a parable about being a Cabal kid, a story Disney was excited to tell). Manly Hall talks about what you can do with it. Search Wikileaks, and you'll find more on what the elites are up to. It is at the center of everything.
What's the significance of the area circled in yellow?
No, they don't want to remove their pineals, they want to enhance them. The pineal is the organ of the hive mind, how they operate collectively. They can't remove that.
The black eye is something else, part of a ritual, probably with origins in Egyptian mythology.
The Portrait of Dorian Grey