Oscar Predictions: The Envelope Please ... Who Will Strike Gold?

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With gowns delivered, speeches written and the red carpet rolled out on an unusually cold day in Hollywood, Tinseltown's elite are prepared for the biggest night of their year.

All that remains is seeing who will go home with an Oscar at tonight's 83rd annual Academy Awards.

In an awards season that has seen plenty of turnaround for the top films, many feel that the hottest race is for best picture, between the of-the-moment study of the Internet age, "The Social Network," and the historical British drama, "The King's Speech."

ABC News contributor Chris Connell weighed in with some predictions on the race:

"After months of campaigning and shifts of fortune, 'The King's Speech' is the best picture front-runner, stutter-stepping past 'The Social Network,' the favorite a few weeks ago."

CLICK HERE for an Oscar ballot to predict who will win or just follow along with today's telecast.

The other hot race to watch is once again for the best actress prize, where Annette Bening, 52, is at the front of the pack, vying again against an actress more than 15 years her junior. Though this time it's not Hilary Swank she's competing against -- who she has lost to twice now -- but 29-year-old Natalie Portman.

"Best actress remains a hard-to-pick pas de deux with co-favorites Natalie Portman from 'Black Swan' and four-time nominee Annette Bening in 'The Kids Are All Right,'" Connelly said.

More magazine movie critic Alison Bailes has her money on Bening for the award, despite Portman's barrage of awards, including the Screen Actors Guild Award and Golden Globe for best actress.

"[Annette Bening's performance] was very shaded. She went on a journey with her family and I think ... you watch her face and it's a masterclass in acting. Unfortunately it's a comedic film, and often those tend to get overlooked," Bailes told "Good Morning America."

If there's one thing that everyone seems to agree on this year, it's Colin Firth for best actor in "The King's Speech," where be portrayed England's King George VI as he overcame an awkward stutter.

"It will snow in Los Angeles before Colin Firth loses this award," Connelly told "GMA" this morning from outside the Kodak Theater.

Melissa Leo, who portrayed the chain-smoking mother to Mark Wahlberg's boxer Micky Ward in "The Fighter," was the favorite for the best supporting actress statue since the nominations were announced. And she won!

Another lock in the acting races seemed to be Christian Bale for his lauded portrayal of faded boxer Dicky Eklund in "The Fighter." And the critics were right/ Christian Bale made an emotional speech at the Oscars as he accepted the best actor award for his role in "The Fighter."

"It will snow in Los Angeles before Colin Firth loses this award," Connelly told "GMA" this morning from outside the Kodak Theater.

Melissa Leo, who portrayed the chain-smoking mother to Mark Wahlberg's boxer Micky Ward in "The Fighter," was the favorite for the best supporting actress statue since the nominations were announced. And she won!

Another lock in the acting races seemed to be Christian Bale for his lauded portrayal of faded boxer Dicky Eklund in "The Fighter." And the critics were right/ Christian Bale made an emotional speech at the Oscars as he accepted the best actor award for his role in "The Fighter."

Go to Oscar.com for Oscar coverage before, during and after the awards.

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