At least on Linux, touch will not change the time on a symlink itself, but on the file/directory it points to. The only way to work around this is to unlink the symlink, then recreate it.
It took a bit of searching to discover this. The OS itself provides no way to do it. Many people wondered why anyone would want to do this. I use symlinks inside a web tree to point to files outside the web tree. After a certain length of time has passed, I want the symlinks to die, so the files cannot be successfully hotlinked.
