By Francisco Salazar (staff@latinospost.com) | First Posted: Jan 11, 2014 12:55 AM EST

On Sunday, Jan. 12, the Hollywood Foreign Press will announce the winners of the annual Golden Globes.

The awards ceremony is known as the biggest party in Hollywood as it brings together both film and TV celebrities and honors each medium.

The awards ceremony is also important as it is one of the biggest precursor awards and a win at the globes can help a film's chances at the Oscars. The Globes may not choose the same Best Picture winner as the Academy Awards but the winning film gets a boost to get nominated for the Best Picture at the Oscars.

This year the Globes have a number of distinguished films nominated with two leading the Best Drama category: "Gravity" and "12 Years a Slave."

Meanwhile, the Best Picture Comedy or Musical category is lead by "American Hustle." The David O. Russell directed film has seven nominations and is unlikely to lose to any of the other nominated films, which include "The Wolf of Wall Street," "Inside Llewyn Davis," and "Her."

The acting categories are a bit undefined at the moment with only Best Supporting Actor category looking predictable. Jared Leto ("Dallas Buyers Club") won the majority of the precursors and therefore looks unstoppable. Meanwhile, Oprah Winfrey ("Lee Daniel's The Butler"), Lupita Nyong'o ("12 Years a Slave"), and Jennifer Lawrence ("American Hustle") look like strong competitors for the Best Supporting Actress award.

The Best Actor Comedy race is a fight between Leonardo DiCaprio ("The Wolf of Wall Street") and Bruce Dern ("Nebraska"). DiCaprio needs a win if he is to get into the Best Actor race at the Oscars. Meanwhile, the Best Actor Drama race is led by Chiwetel Ejiofor ("12 Years a Slave") who can easily lose to Matthew McConaughey ("Dallas Buyers Club") for his transformative performance.

The Best Actress Drama race is the easiest race to predict with Cate Blanchett most likely winning for her performance in "Blue Jasmine."

Meanwhile, the Best Actress Comedy or Musical looks deceptively easy with Meryl Streep ("August: Osage County") likely to win. However, Amy Adams is garnering momentum after a BAFTA nomination. If Adams surprises and wins, Streep will most likely not get nominated at the Oscars.

The Director race is also unpredictable. Steve McQueen looks like the front-runner especially as his film "12 Years a Slave" leads the field. However, with Globes it is always unpredictable and Alfonso Cuaron ("Gravity") or Alexander Payne ("Nebraska") could easily win.

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